Oil & Gas Development Company: Difference between revisions

Oil and Gas Development Corporation
	Headquarters of the Oil & Gas Development Company in Islamabad
Native name	آئل اینڈ گیس ڈویلپمنٹ کمپنی
Company type	Public company
Traded as	PSX: OGDC; LSE: OGDC ; KSE 100 component ; KSE 30 component
Industry	Oil and gas
Founded	4 April 1961
Headquarters	Islamabad, Pakistan
Area served	Pakistan
Key people	Ahmed Hayat Lak (CEO)
Products	Fuels, Natural gas
Revenue	Rs. 413.594 billion (US$1.4 billion) (2023)
Net income	Rs. 224.617 billion (US$780 million) (2023)
Total assets	Rs. 1424.065 billion (US$4.9 billion) (2023)
Total equity	Rs. 1082.897 billion (US$3.8 billion) (2023)
Owner	Government of Pakistan (85.02%)
Number of employees	11,207 (2023)
Subsidiaries	Pakistan Minerals Limited (33.33%) ; Pakistan International Oil Limited (25%) ; Mari Petroleum (20%)
Website	ogdcl.com
	Footnotes / references; Financials as of 30 June 2023

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Oil & Gas Development Company Limited, commonly known as OGDCL (Urdu: آئل اینڈ گیس ڈویلپمنٹ کمپنی) is a Pakistani state-owned oil and gas company headquartered in Islamabad. It has a primary listing on the Pakistan Stock Exchange, and secondary listing on the London Stock Exchange. The rest are held by private investors. For the financial year 2022, it reported net sales of Rs 335.46 billion and profit of Rs 133.78 billion.^[2]

It is the largest company in Pakistan in terms of market capitalisation,^[3] and has repeatedly ranked among the Forbes Global 2000.^[4]

History

Oil & Gas Development Company (OGDC) was established in September 1961 by the Government of Pakistan with the help of Soviet Union under a $30 million oil exploration loan signed in February 1961.^[5]^[6] OGDC received equipment and technical services under a $30 million loan.^[7]

In 2004, OGDC was listed on the Karachi Stock Exchange, following an initial public offering at a strike price of PKR 32 per share.^[8]

On 4 May 2009, the government of Pakistan appointed a Citigroup-led consortium to advise the state-run Privatisation Commission on the sale of 10 to 15 percent (or 430 to 645 million shares) of the company. OGDCL is the second Pakistani company to have been listed at the London Stock Exchange.

Discoveries and exploration

During the fiscal year ended 30 June 2006 the company made several oil and gas discoveries, including at Nim-1, Dars Deep-1, Tando Allah Yar North-1, Kunnar Deep-1 and Bahu-1. OGDCL's daily production, including share from joint ventures, averaged 39,659 barrels (6,305.3 m³) of oil; 937 million cubic feet (26,500,000 m³) of gas, and 358 metric tons of liquefied petroleum gas. The Company holds exploration acreage comprising 40 exploration licenses covering an area of 75,905 square kilometres, including 16 exploration licenses covering an area of 28,066 square kilometres granted to OGDCL during fiscal 2006.^[9] During 2009–2010, the company acquired four new exploration blocks (Channi Pull, Jandran west, Lakhi Rud and Mari east), covering area of around 4,795 Square kilometres. Three exploration licenses namely Khiranwala, Thatta and Thatta east were surrendered and operatorship of offshore Indus-S was transferred to BP Alpha.

Educational institutes

The OGDCL Institute of Science & Technology was established in 1979 in Islamabad. In 1986, the OIST (formerly OGTI) relocated to the I-9 sector of Islamabad. The OIST has played an important role in field training.

In March 2013, the OGTI under the name OGDCL Institute of Science and Technology was allowed to award degrees.

Non-operated joint ventures

Adhi field; OGDCL has 50% stake and Pakistan Petroleum Limited (PPL) is the operator of the field
Badar field; OGDCL has 50% working interest and PEL (Pakistan Exploration private Limited) is the operator
Badin-II, Badin-II revised and Badin-III fields; OGDCL has 49%, 24% and 15% stake respectively. BP Pakistan (British Petroleum Pakistan) is the operator
Badhra, Bhit and Kadanwari fields; OGDCL has 20%, 20% and 50% working interest respectively and ENI (Eni Pakistan Limited) is the operator
Bangali, Dhurnal and Ratana fields; OGDCL working interest is 50%, 20% and 25% respectively and M/s OPII is the operator
Miano field; OGDCL has 52% stake and OMV (OMV Pakistan Exploration GmbH) is the operator of the field. During 2009–10, three wells were put on production
Pindori field; OGDCL holds 50% working interest and POL (Pakistan Oilfields Limited) is the operator
Sara and Suri fields; OGDCL has 40% stake in the fields and Tullow Pakistan is operating these fields
TAL Block; OGDCL working interest is 27.76% and MOL Pakistan (MOL Pakistan Oil and Gas BV) is the operator.

References

^ "Oil and Gas Development Company Limited Annual Report 2023". Retrieved 22 May 2024.
^ "OGDCL Six Year Performance" (PDF).
^ Tirmizi, Farooq (23 December 2012). "The growth of the "billion dollar club" in Pakistan". The Express Tribune newspaper. Retrieved 11 December 2023.
^ "Oil & Gas Development on the Forbes Global 2000 List". Forbes magazine. Retrieved 11 December 2023.
^ "Pakistan: Ayub 's Acid Test". TIME. 14 April 1961.
^ "Pakistan State Oil Company Ltd".
^ Asia, Commonwealth Consultative Committee on South and South-East (13 October 1958). "Report" – via Google Books.
^ Hussain, Dilawar (26 November 2003). "OGDCL IPO attractsRs28bn". DAWN.COM.
^ "Google Finance - Stock Market Prices, Real-time Quotes & Business News". Google Finance. Retrieved 20 February 2024.

External links

[AR2023-1] "Oil and Gas Development Company Limited Annual Report 2023". Retrieved 22 May 2024.

[2] "OGDCL Six Year Performance" (PDF).

[3] Tirmizi, Farooq (23 December 2012). "The growth of the "billion dollar club" in Pakistan". The Express Tribune newspaper. Retrieved 11 December 2023.

[4] "Oil & Gas Development on the Forbes Global 2000 List". Forbes magazine. Retrieved 11 December 2023.

[5] "Pakistan: Ayub 's Acid Test". TIME. 14 April 1961.

[PSO-6] "Pakistan State Oil Company Ltd".

[7] Asia, Commonwealth Consultative Committee on South and South-East (13 October 1958). "Report" – via Google Books.

[8] Hussain, Dilawar (26 November 2003). "OGDCL IPO attractsRs28bn". DAWN.COM.

[9] "Google Finance - Stock Market Prices, Real-time Quotes & Business News". Google Finance. Retrieved 20 February 2024.

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@@ Line 1: / Line 1: @@
-{{More citations needed|date=November 2022}}
 {{Short description|Pakistani oil and gas company}}
 {{EngvarB|date=February 2017}}
@@ Line 7: / Line 6: @@
 | logo = OGDCL logo.svg
 | image = City Boulevard (Islamabad, Pakistan).jpg
+| image_caption= Headquarters of the Oil & Gas Development Company in [[Islamabad]]
-| native_name = شرکتِ محدود برائے ترقیاتِ گیس و تیل
+| native_name = آئل اینڈ گیس ڈویلپمنٹ کمپنی
 | type = Public company
+| traded_as = {{PSX|OGDC}}<br /> {{LSE|OGDC}} <br /> [[KSE 100 Index|KSE 100]] component <br /> [[KSE 30 Index|KSE 30]] component
-| traded_as = {{PSX|OGDC}} <br />[[London Stock Exchange|LSE]]: [http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary.html?fourWayKey=US67778Q2003USUSDIOBE OGDC]
 | predecessor =
 | industry = [[List of petroleum companies|Oil and gas]]
@@ Line 15: / Line 15: @@
 | location = [[Islamabad]], Pakistan
 | area_served = Pakistan
-| key_people = Syed Khalid Siraj Subhani (MD & CEO)
+| key_people = Ahmed Hayat Lak (CEO)
-Oct 2021 - Present
 | products = [[Fuel]]s, Natural gas
+| revenue = {{Increase}} {{PKRConvert|413.594|b}}
-| revenue = {{nowrap|{{Increase}} US$4.5 [[1000000000 (number)|billion]] (2015)}}<ref name="Oil & Gas Development Company Limited (OGDCL)">{{cite web |url=http://www.ogdcl.com/inverstor/investor-factsheet.pdf/ |title=Oil & Gas Development investor face sheet |date=30 June 2013 |work=[[Forbes]] |access-date=5 February 2014 |archive-url=https://web.archive.org/web/20141023060813/http://ogdcl.com/inverstor/investor-factsheet.pdf |archive-date=23 October 2014 |url-status=dead }}</ref>
+| revenue_year = 2023
 | operating_income =
+| income_year =
-| net_income = {{nowrap|{{Increase}} US$2.2 billion (2015)}}<ref name=Forbes>{{cite web |url=https://www.forbes.com/companies/oil-gas-development/ |title=Oil & Gas Development on the Forbes 2000 List |date=1 April 2012 |work=[[Forbes]]}}</ref>
+| net_income = {{increase}} {{PKRConvert|224.617|b}}
-| assets = {{Increase}} US$3.93&nbsp;billion (2013)<ref name=Forbes/>
+| net_income_year = 2023
-| equity = {{Increase}} US$3.07 Billion (2013)<ref name=Forbes/>
+| assets = {{Increase}}  {{PKRConvert|1424.065|b}}
-| num_employees = 11,000<ref name="OGDCL 04-09-07 - 1.pdf">{{cite web|url=http://www.ogdcl.com/UploadFolder/financial/Complete%20Annual%20Report.pdf |title=OGDCL 04-09-07 - 1.pdf |access-date=24 September 2011}}</ref>
-| subsid =
+| assets_year = 2023
+| equity = {{Increase}} {{PKRConvert| 1082.897|b}}
-| homepage = {{URL|ogdcl.com/|OGDCL.com}}
+| equity_year = 2023
+| num_employees = 11,207
+| num_employees_year = 2023
+| owner  = [[Government of Pakistan]] (85.02%)
+| subsid = Pakistan Minerals Limited (33.33%) <br /> Pakistan International Oil Limited (25%) <br /> [[Mari Petroleum]] (20%)
+| footnotes = Financials {{as of|2023|6|30|lc=y}} <ref name="AR2023">{{cite web|title=Oil and Gas Development Company Limited Annual Report 2023|url=https://financials.psx.com.pk/lib/DownloadPDF.php?id=217280 |access-date=22 May 2024}}</ref>
+| website = {{url|ogdcl.com}}
 }}
-'''Oil and Gas Development Company Limited''', commonly known as '''OGDCL'''  ({{lang-ur|شرکتِ محدود برائے ترقیاتِ گیس و تیل}}) is a Pakistani [[Fossil fuel|oil and gas]] company. It has a primary listing on the [[Pakistan Stock Exchange]], and secondary listing on the [[London Stock Exchange]]. Established in 1961 by the [[Government of Pakistan]], it was turned into a public listed company on 23 October 1997. Today it is involved in exploring, drilling, refining and selling oil and gas in [[Pakistan]]. It is based on [[Jinnah Avenue]], [[Blue Area]] in [[Islamabad]], with the [[Government of Pakistan]] holding 74% stake in the company. Rest are held by private investors. For the financial year 2022, it reported net sales of  [[Pakistani rupee|Rs]] 335.46 billion and profit of Rs 133.78 billion.<ref>[https://www.ogdcl.com/sites/default/files/Six%20Years%20Performance-2022.pdf OGDCL Six Year Performance] </ref>
+'''Oil & Gas Development Company Limited''', commonly known as '''OGDCL'''  ({{langx|ur|آئل اینڈ گیس ڈویلپمنٹ کمپنی}}) is a Pakistani state-owned [[Fossil fuel|oil and gas]] company headquartered in Islamabad. It has a primary listing on the [[Pakistan Stock Exchange]], and secondary listing on the [[London Stock Exchange]]. The rest are held by private investors. For the financial year 2022, it reported net sales of  [[Pakistani rupee|Rs]] 335.46 billion and profit of Rs 133.78 billion.<ref>{{Cite web|url=https://www.ogdcl.com/sites/default/files/Six%20Years%20Performance-2022.pdf|title=OGDCL Six Year Performance}}</ref>
-It is the largest company in Pakistan in terms of [[market capitalisation]],<ref>{{cite news|url=http://tribune.com.pk/story/483287/corporate-revenues-the-growth-of-the-billion-dollar-club-in-pakistan/|title=The growth of the "billion dollar club" in Pakistan|work=The Express Tribune|date=24 December 2012|access-date=24 September 2016|first=Farooq|last=Tirmizi}}</ref> and has repeatedly ranked among the [[Forbes Global 2000]].<ref>{{Cite news|url=https://www.forbes.com/companies/oil-gas-development/|title=Oil & Gas Development on the Forbes Global 2000 List|newspaper=Forbes|access-date=16 February 2017|language=en}}</ref>
+It is the largest company in Pakistan in terms of [[market capitalisation]],<ref>{{cite news|url=https://tribune.com.pk/story/483287/corporate-revenues-the-growth-of-the-billion-dollar-club-in-pakistan/|title=The growth of the "billion dollar club" in Pakistan|newspaper=The Express Tribune newspaper|date=23 December 2012|access-date=11 December 2023|first=Farooq|last=Tirmizi}}</ref> and has repeatedly ranked among the [[Forbes Global 2000]].<ref>{{Cite news|url=https://www.forbes.com/companies/oil-gas-development/|title=Oil & Gas Development on the Forbes Global 2000 List|newspaper=Forbes magazine|access-date=11 December 2023|language=en}}</ref>
-==Listing==
+==History==
+Oil & Gas Development Company (OGDC) was established in September 1961 by the [[Government of Pakistan]] with the help of [[Soviet Union]] under a $30 million [[oil exploration]] loan signed in February 1961.<ref>{{Cite magazine|url=https://time.com/archive/6809901/pakistan-ayub-s-acid-test/|title=Pakistan: Ayub 's Acid Test|date=14 April 1961|magazine=TIME}}</ref><ref name="PSO">{{Cite web|url=https://www.encyclopedia.com/books/politics-and-business-magazines/pakistan-state-oil-company-ltd|title=Pakistan State Oil Company Ltd}}</ref> OGDC received equipment and technical services under a $30 million loan.<ref>{{Cite web|url=https://books.google.com/books?id=40wtAAAAIAAJ&dq=%22Pakistan+Oil+Refinery%22&pg=RA5-PA142|title=Report|first=Commonwealth Consultative Committee on South and South-East|last=Asia|date=13 October 1958|via=Google Books}}</ref>
-On 4 May 2009, the government of Pakistan appointed a [[Citigroup]]-led consortium to advise the state-run [[Privatisation Commission]] on the sale of 10 to 15 per cent (or 430 to 645 million shares) of the company. OGDCL is the second Pakistani company to have been listed at the London Stock Exchange. The company was also listed in Pakistan at all the three exchanges of the country namely Karachi Stock Exchange (KSE), Lahore Stock Exchange (LSE) and Islamabad Stock Exchange (ISE).
+In 2004, OGDC was listed on the [[Karachi Stock Exchange]], following an [[initial public offering]] at a strike price of PKR 32 per share.<ref>{{Cite web|url=https://www.dawn.com/news/126792/ogdcl-ipo-attractsrs28bn|title=OGDCL IPO attractsRs28bn|first=Dilawar|last=Hussain|date=26 November 2003|website=DAWN.COM}}</ref>
+On 4 May 2009, the government of Pakistan appointed a [[Citigroup]]-led consortium to advise the state-run Privatisation Commission on the sale of 10 to 15 percent (or 430 to 645 million shares) of the company. OGDCL is the second Pakistani company to have been listed at the London Stock Exchange.
 ==Discoveries and exploration==
-During the fiscal year ended 30 June 2006 the company made several oil and gas discoveries, including at Nim-1, Dars Deep-1, Tando Allah Yar North-1, Kunnar Deep-1 and Bahu-1.   OGDCL's daily production, including share from joint ventures averaged {{convert|39659|oilbbl|m3}} of oil; {{convert|937|Mcuft|m3}} of gas, and 358 metric tons of [[liquefied petroleum gas]]. The Company holds exploration acreage comprising 40 exploration licenses covering an area of 75,905 square kilometres, including 16 exploration licenses covering an area of 28,066 square kilometres granted to OGDCL during fiscal 2006.[http://finance.google.com/finance?q=KAR:OGDC] During 2009–2010, the company acquired four new exploration blocks (Channi Pull, Jandran west, Lakhi Rud and Mari east), covering area of around 4,795 Square kilometres. Three exploration licenses namely Khiranwala, Thatta and Thatta east were surrendered and operatorship of offshore Indus-S was transferred to BP Alpha.
+During the fiscal year ended 30 June 2006 the company made several oil and gas discoveries, including at Nim-1, Dars Deep-1, Tando Allah Yar North-1, Kunnar Deep-1 and Bahu-1. OGDCL's daily production, including share from joint ventures, averaged {{convert|39659|oilbbl|m3}} of oil; {{convert|937|Mcuft|m3}} of gas, and 358 metric tons of [[liquefied petroleum gas]]. The Company holds exploration acreage comprising 40 exploration licenses covering an area of 75,905 square kilometres, including 16 exploration licenses covering an area of 28,066 square kilometres granted to OGDCL during fiscal 2006.<ref>{{Cite web |title=Google Finance - Stock Market Prices, Real-time Quotes & Business News |url=https://www.google.com/finance/ |access-date=2024-02-20 |website=Google Finance |language=en-US}}</ref> During 2009–2010, the company acquired four new exploration blocks (Channi Pull, Jandran west, Lakhi Rud and Mari east), covering area of around 4,795 Square kilometres. Three exploration licenses namely Khiranwala, Thatta and Thatta east were surrendered and operatorship of offshore Indus-S was transferred to BP Alpha.
 == Educational institutes ==
-The OGDCL Institute of Science & Technology was established in 1979 in Islamabad. In 1986, the OIST (formerly OGTI) relocated to the [[I-9, Islamabad|I-9 sector]] of Islamabad. The OIST has played an important role in field training.
+The OGDCL Institute of Science & Technology was established in 1979 in Islamabad. In 1986, the OIST (formerly OGTI) relocated to the I-9 sector of Islamabad. The OIST has played an important role in field training.
 In March 2013, the OGTI under the name OGDCL Institute of Science and Technology was allowed to award [[Academic degree|degrees]].
-==Highlights==
-'''Financial 2014'''
-* The company's sales revenue increased by 15.06% to PKR 257.01 billion (2012–13: PKR 223.37 billion)
-* Net realised prices of crude oil and gas averaged US$87.71/barrel and PKR 282.95/Mcf respectively (2012–13: US$83.40/barrel and PKR 265.87/Mcf)
-* Profit of the company before taxation rose by 17.4% to PKR 172.35 billion (2012–13: PKR 146.81 billion)
-* After tax profit of the company rose by 35.76% to PKR 123.91 billion (2012–13: PKR 91.27 billion)
-* Earnings per share increased to PKR 28.81 (2012–13: PKR 21.22)
-* The company declared dividend of PKR 9.25 per share (2012–13: PKR 8.25 per share)
-* Total assets of the company increased to PKR 496.23 billion from PKR 413.93 billion
-* The company contributed PKR 132.26 billion to national exchequer (2008–09: PKR 129.62 billion).
-'''Operational'''
-* The company made six oil, gas/condensate discoveries namely Reti-1A, Baloch-1, Dakhni-11, Maru-1, Nashpa-1 and Shah-1
-* The company commenced production from Baloch-1 Nashpa-1, and Pakhro-1
-* Crude oil production of the company on working interest basis averaged {{convert|40367|oilbbl|m3}} per day (2013–14)
-* Gas production of the company on working interest basis averaged {{convert|1136.4|e6cuft|m3|abbr=on}} per day (2013–14)
-* LPG product on working interest basis averaged 202 metric tons per day
-* During the year, the company acquired 2493 L. km of 2-D seismic data in Bagh South, Bitrism, Dhakni, Guddu, Mari East, Mianwali, Nashpa, Nim, Thando Allah Yar, Thano Beg and Thal concessions, 290&nbsp;km<sup>2</sup> of 3-D seismic data in Soghri concession and Toot Mining Lease by running five seismic crews having latest technologies and equipped with quality control software for on-site data processing during the surveys
-* Forty well locations were marked on ground and twenty six wells including thirteen exploratory, two appraisal and eleven development were spudded by the company.
 ==Non-operated joint ventures==
@@ Line 73: / Line 64: @@
 * '''TAL Block'''; OGDCL working interest is 27.76% and MOL Pakistan (MOL Pakistan Oil and Gas BV) is the operator.
-==Reserves==
+==See also ==
+*[[List of largest companies in Pakistan]]
-The remaining recoverable reserves of OGDCL stood more than {{convert|142|Moilbbl|m3}} of oil and 9,997&nbsp;billion cubic feet {{convert|9997|Gcuft|km3}}<!-- cubic what?--> of gas as of 30 June 2010.
 ==References==
@@ Line 86: / Line 77: @@
 {{Petroleum industry}}
+{{KSE 100}}
 {{KMI 30}}
 {{KSE 30}}
@@ Line 93: / Line 85: @@
 {{DEFAULTSORT:Oil and Gas Development Company}}
+[[Category:2004 initial public offerings]]
 [[Category:Oil and gas companies of Pakistan]]
 [[Category:Natural gas pipelines in Pakistan]]
 [[Category:Government-owned companies of Pakistan]]
+[[Category:Pakistan–Soviet Union relations]]
 [[Category:Companies based in Islamabad]]
 [[Category:Energy companies established in 1961]]
 [[Category:Non-renewable resource companies established in 1961]]
 [[Category:Pakistani companies established in 1961]]
-[[Category:Companies listed on the London Stock Exchange]]
 [[Category:Companies listed on the Pakistan Stock Exchange]]
+[[Category:Companies in the KSE 100 Index]]
+[[Category:National oil and gas companies|Pakistan]]

v t e Ministry of Energy (Pakistan)
Headquarters: Pakistan Secretariat Minister of Energy Secretary of Power Secretary of Petroleum
Divisions	Petroleum Division Power Division
State-owned enterprises	Government Holdings Pvt. Ltd. NTDC Inter-State Gas Systems Ltd. NESPAK PEPCO OGDCL Pak-Arab Refinery Co. Pakistan LNG Ltd. Pakistan LNG Terminals Ltd. PMDC Pakistan Petroleum Pakistan State Oil Power Information Technology Co. Saindak Metals Ltd. Lakhara Coal Development Co. SNGP Ltd. SSGC Co. WAPDA GENCOs DISCOs
Installations	Hydrocarbon Development Institute National Energy Conservation Center
Agencies	Geological Survey of Pakistan NEPRA Central Power Purchasing Agency OGRA AEDB PPIB
Programs	Coal power Azad Pattan Hubco Guddo Gadani Hubco Nandipur Port Qasim Sahiwal Thar Hydropower Allai Khwar Karot Suki Nuclear Power Chashma Karachi Solar Quaid-e-Azam Wind HydroChina Zorlu Sachal
Related	Dams and reservoirs in Pakistan Electricity sector in Pakistan Energy policy of Pakistan Pakistan Nuclear Society
Ministries of the Federal Government of Pakistan